Mr. Carlos Paz reports

CERES GLOBAL AG CORP. ANNOUNCES RESOLUTION REGARDING REGULATORY INVESTIGATION

Ceres Global Ag Corp. has resolved a matter with the Commodity Futures Trading Commission (the CFTC).

The corporation had been co-operating with the CFTC investigation and a corresponding investigation by the United States Department of Justice (DOJ) since 2021. The primary focus of the investigations was on the corporation's oat market activities from over six years ago.

The CFTC investigation has been resolved by the corporation accepting a settlement order in which the corporation will pay a civil monetary penalty. The civil monetary penalty is consistent with the amount accrued as a legal settlement reserve in the corporation's financial statements for the year ended June 30, 2023.

The corporation does not currently anticipate any other charges or fines arising from the DOJ investigation.

"We are glad to have resolved the matter and appreciate the CFTC's acknowledgment of our co-operation related to these historical matters," said chief executive officer Carlos Paz.

About Ceres Global Ag Corp.

Ceres and its subsidiaries add value across agricultural, energy and industrial supply chains through efficient sourcing, storing, transporting and marketing of high-quality agricultural commodities, value-added products and raw materials. Leveraging its network of commodity logistics centres and team of industry experts, Ceres connects farmers to customers around the world.

Ceres is headquartered in Minneapolis, Minn., and together with its affiliated companies, operates 11 locations across Saskatchewan, Manitoba, Ontario and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of approximately 29 million bushels.

Ceres has a 50-per-cent interest in Savage Riverport LLC (a joint venture with Consolidated Grain and Barge Co.), a 50-per-cent interest in Berthold Farmers Elevator LLC (a joint venture with The Berthold Farmers Elevator Company), a 50-per-cent interest in Farmers Grain LLC (a joint venture with Farmer's Cooperative Grain and Seed Association), a 50-per-cent interest in Gateway Energy Terminal (an unincorporated joint venture with Steel Reef Infrastructure Corp.), a 25-per-cent interest in Stewart Southern Railway Inc. (a short-line railway located in southeastern Saskatchewan with a range of 130 kilometres) and a 17-per-cent interest in Canterra Seeds Holdings Ltd. (a Canada-based seed development company).

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